Word: gramm-rudman
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...budget deficits through the $200 billion mark seems finally to be forcing some budget progress. The Administration agreed in 1985 to a freeze in the defense buildup, and that has held increases in military outlays below the level of inflation. During the same year, Congress passed the Gramm-Rudman deficit-reduction bill, designed to impose automatic spending reductions if the Administration and legislators failed to meet targets for cutbacks. But the Supreme Court found a crucial part of the law unconstitutional. By the time a revised version was passed in September, Congress had reduced the size of automatic cuts...
...that will have to be paid for later. Thus the longer the huge deficits go on, the greater the economic hangover that is likely to result when the fiscal pick-me-up is finally cut off. Last week the House and Senate passed a measure that would revive the Gramm-Rudman deficit-reduction law and stanch the federal red ink to a target of $144 billion during the 1988 fiscal year. Though President Reagan will sign the bill this week, he warned that he would fight tax hikes or deep cuts in defense spending...
...ties to the U.S. This year American military aid was slashed to $2.4 million, less than half the 1986 level. While Guatemalans suspect that the reduction is Washington's way of showing its displeasure, U.S. officials deny that. Congressional sources say the decrease was merely the result of Gramm-Rudman budget cutting. Next month Cerezo will travel to Washington to meet with President Reagan...
However, most lawmakers conceded the blueprint would fail to meet the $108 billion deficit target of the Gramm-Rudman budget-balancing law. Democrats argued it did more to cut red ink than any other option, including the president...
Senators voted to add more than $120 million to the popular Pell grant program and maintain funding for Guaranteed Student Loans. But under pressure to reduce the federal budget deficit by $36 billion in order to meet Gramm-Rudman targets, lawmakers also recommended that funding of smaller financial aid programs be reduced...